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Sir is all immaterial misstatements are grouped together and they are material, which misstatement do we tell the management to correct so that they become immaterial
This is not really a situation where management sit back and say “We have all these errors. Now, which one or two should we correct so that the aggregation falls below the auditors’ arbitrary benchmark?”
If they’re going to correct any, and the consequences of them not doing would be a qualified audit opinion, they are likely to correct (substantially) all of them
Why make any corrections and not make all corrections?
Failure to make (substantially) all those corrections could well influence the relationship that exists between the auditor and the client
Big decision!
OK?
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